Three-Unit Residential
For Sale
Contact for pricing
Pending
1531 Van Buren St, Gary, IN 46407
Residential income property with potential for three separate rental units in Gary.
Property Size1,104 SF
Days on Market99
Property Features for 1531 Van Buren St
General Information
Standard status
Pending
Size
1,104 SF
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$768
Listing Agency:
Listing Leaders
(219) 462-5478
Listed By:
Katherine Stirling · License #RB19001959
(219) 232-9787
Source:
Exprealty
Added: Jul 29
Changed: Oct 25
Last Checked: Nov 3 at 9:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Listing Leaders
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Investment Insights
Based on property information with market context.
This residential income property is identified as a triplex and offers potential for three rental units. The configuration may support an owner-occupant arrangement with additional units rented separately, or rental of all three units.
The property is located at 1531 Van Buren St in Gary, Indiana. The surrounding area offers access to Lake Michigan, Chicago, the South Shore train, Hard Rock Casino, and the upcoming Lake County Convention and Visitors Center.
The property is located at 1531 Van Buren St in Gary, Indiana. The surrounding area offers access to Lake Michigan, Chicago, the South Shore train, Hard Rock Casino, and the upcoming Lake County Convention and Visitors Center.
Key Highlights
- Potential for three rental units
- Triplex classification
- 1531 Van Buren St, Gary, IN
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,767
Suggested Prices Based on Cap Rates
Cap Rate 5%
$195,340
$195.3K
Cap Rate 7%
$139,529
$139.5K
Cap Rate 9%
$108,522
$108.5K
Market Conditions
NOI Build-Up for 1,104 SF
Gross rent
$18.8K $17.04/SF
− Vacancy
−$1.1K −$0.95/SF
EGI
$17.8K $16.09/SF
− OpEx
−$8.0K −$7.24/SF
NOI
$9.8K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$195,340
Cap Rate 7%
$139,529
Cap Rate 9%
$108,522
Alternative Uses
Best Use
Multifamily LT 5
$156.8K
$137.2K – $182.9K
NOI $10,975 @ 7.0% cap · market cap 55.15%
Second Best
Apartment 5plus
$139.5K
$122.1K – $162.8K
NOI $9,767 @ 7.0% cap · market cap 49.08%
Theoretical Best
Specialty Retail
$308.2K
$269.7K – $359.6K
NOI $21,574 @ 7.0% cap · market cap 108.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
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Business Placement
Demographics for 46407, IN
9,862
Population
6,644
Households
1.5
Avg Household Size
39
Median Age
11%
College-Educated
81%
High-School Grad
4.2 sq mi
ZIP Area
2,348
Density / Sq Mi
$25,551
Median Household Income
$28,504
Median Earnings
$807
Median Rent
$55,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Residential income property with potential for three separate rental units in Gary.
Where is this triplex located?
The property is located at 1531 Van Buren St Gary, IN.
What are key features of this property?
This property features: Potential for three rental units; Triplex classification; 1531 Van Buren St, Gary, IN
